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of <h1>Operational Creditors Form Committee Under Regulation 16 When Corporate Debtor Lacks Financial Debt or Has Related Party Creditors.</h1> In cases where a corporate debtor has no financial debt or all financial creditors are related parties, a committee of creditors is formed with operational creditors under Regulation 16 of the Insolvency and Bankruptcy Board of India Regulations, 2016. This committee includes the eighteen largest operational creditors by value, or all operational creditors if fewer than eighteen exist, along with one representative each for workmen and employees not already included. Members have voting rights proportional to their debt share relative to the total debt, and the committee possesses equivalent rights, powers, duties, and obligations as one comprising financial creditors.
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